Bella Casa Fashion & Retail Ltd Management Discussions

COMPANY OVERVIEW

Established in 1996, Bella Casa Fashion & Retail Ltd (BCFRL) stands as a prominent player in Indias apparel and home furnishing industry. Its operations encompass two key segments:

It offers comprehensive fashion manufacturing and designing services to over 50+ major domestic brands and retailers, driving its B2B endeavours; product range includes Western and Indian attire for women, as well as traditional Indian wear for men and kids.

Secondly, it engages in the manufacturing, branding, and distribution of home furnishing products under the esteemed "Bella Casa" brand, catering to the B2C market, currently companys home furnishing products are present in over 5000+ retailers, on all the major ecommerce platforms and on its proprietary online sales channel https://bellacasa.in/. Product range includes Bed sheets, Dohars, Comforters, and Pillow Covers.

Company has ve manufacturing plants located in Jaipur, encompassing a vast area of 3,50,000+ square feet with a capacity of 2 Cr. pcs per annum and employs 3000+ employees. Over the course of last 28 years, the company has consistently demonstrated its capabilities & focused approach on developing products according to the dynamic market demands, keeping pace with the ever-evolving trends in the fashion landscape.

ECONOMIC OVERVIEW

Global Economy - Navigating Complexity with Resilience

The global economy in FY 2024 25 operated within a complex and evolving landscape shaped by shifting macroeconomic conditions, persistent geopolitical tensions, and signi cant policy transitions across major markets. Despite these headwinds, global growth exhibited notable resilience supported by advances in technology, sustained infrastructure investments, and a steady recovery in global trade ows.

According to the International Monetary Fund (IMF), the world economy expanded by 3.2% in 2024. Advanced Economies recorded moderate growth of 1.7%, while Emerging and Developing Economies outperformed, growing at 4.2%, driven by robust domestic demand and stronger industrial output.

The United States delivered solid performance, with real GDP growing 2.8% in 2024, supported by resilient consumer spending, rising public expenditure, and increased business investment. Although in ation concerns persisted, the Federal Reserve maintained a cautious policy stance for most of the year. By the nal quarter, signs of decelerating growth prompted a shift toward monetary easing, with a cumulative 100 basis points rate cut between October and December 2024. In early 2025, growth momentum softened amid uncertainties surrounding trade policies and potential scal tightening.

In Europe, economic activity showed signs of stabilisation. Recovery was supported by increased government investment in infrastructure, the green energy transition, and digital adoption. While energy security and supply chain vulnerabilities persisted, coordinated scal and policy responses from the European Union contributed to a modest yet steady pace of recovery.

China remained a key engine of global growth, despite facing structural headwinds from a slowing property sector and demographic shifts. The governments sustained focus on infrastructure and green energy, combined with proactive scal and monetary interventions, helped mitigate external trade challenges and maintain a stable growth trajectory.

Elsewhere in the Asia-Paci c region, performance was mixed. Economies such as India, Vietnam, and Indonesia experienced robust growth, buoyed by domestic consumption and infrastructure development. In contrast, more trade-reliant economies faced pressures from commodity price uctuations and weaker global demand.

Looking ahead, the global economy is projected to grow at a steady yet modest pace of 2.8% to 3.3% in 2025, marginally below the pre-pandemic average of 3.2%. The U.S. is expected to remain a central growth driver, although in ationary risks stemming from trade policy and tariffs could weigh on sentiment. The Eurozone is forecast to continue its gradual recovery, aided by ECB rate cuts but exposed to external shocks.

Chinas growth is likely to moderate, constrained by structural imbalances and global trade frictions, despite continued stimulus measures. Emerging markets will remain pivotal contributors to global economic momentum, although they face signi cant downside risks, including escalating trade barriers, geopolitical ashpoints, and climate-related disruptions.

Global in ation is expected to ease to 3.4 4.2%, but persistent cost pressures in services and the potential resurgence of trade disputes could delay broader monetary easing. In this environment, policymakers will be required to balance scal prudence with growth-oriented reforms, as the global economy continues to navigate an era of elevated uncertainty and transformation.

India Economic Review

Sustained Growth Anchored in Domestic Strength and Economic Precision

Indias economy demonstrated robust resilience in FY 2024 25, registering a real GDP growth of 6.5%, reinforcing its position as the fastest-growing major economy in the world. This momentum keeps India rmly on the path to becoming the worlds fourth-largest economy, powered by resilient domestic demand, policy stability, and inclusive development.

The strength of this growth re ects the precision of Indias macroeconomic framework characterized by sound scal discipline, robust rural sentiment, and growing consumer con dence. Private nal consumption expenditure remained the cornerstone of growth, supported by increased household spending and strong agricultural performance.

Despite a challenging global environment, Indias core sectors displayed stability. Agriculture remained steady, with record Kharif output; services continued as the key growth engine, and manufacturing, though facing global headwinds, showed a measured rebound. The Index of Industrial Production (IIP) rose by 4.0% in FY 2024 25, re ecting sustained domestic production, albeit slower than the previous year.

Indias CPI-based in ation eased to 3.34% in March 2025, the lowest in over ve years, primarily driven by easing food prices. Food in ation fell to 2.69%, supported by a positive monsoon outlook. With in ationary pressures receding, the Reserve Bank of India (RBI) adopted an accommodative stance cutting the repo rate by 1 00 basis points to 5.5% signalling monetary pace to stimulate investment and liquidity. RBI projects average in ation to moderate to 3.7% in FY 2025 26, down from an estimated 4.6% in FY 2024 25.

Indias external sector faced challenges from global trade uncertainty, tariff risks, and geopolitical volatility. Merchandise exports were muted, yet services exports remained strong offering a cushion. The Indian rupee saw volatility but bene ted modestly from a weaker U.S. dollar.

Looking ahead, India is projected to grow between 6.3% and 6.8% in FY 2025 26, with strong tailwinds from infrastructure expansion, digitalisation, and favourable monsoons. These are expected to support rural demand and stabilise in ation, ensuring broader economic balance.

Indias performance outlook is underpinned by structural domestic strengths: Strong consumption patterns Targeted public investment

While global uncertainties such as trade frictions and geopolitical risks may persist, Indias resilient economic architecture, strategic policy clarity, and demographic dividend position it to deliver sustained growth. The emphasis on precision-driven policymaking, pace in execution, and performance-led outcomes will remain central to Indias economic trajectory in the coming years.

INDIAN APPAREL MARKET

Global Textile and Apparel Industry

The global textile and apparel market is projected to reach USD 2,903 billion by 2025 and grow to USD 3,901 billion by 2032, registering a CAGR of 4.3% during this period. This growth is driven by rising population, increasing disposable incomes, and shifting consumer preferences. As economies develop and lifestyles evolve, demand is surging across key segments including apparel, home furnishings, and technical textiles. The rapid rise of fast fashion and the widespread adoption of e-commerce have further fueled demand for a wide variety of fabric types. In response, manufacturers are focusing on innovation, agility, and faster time-to-market to stay competitive and meet changing consumer expectations across product categories.

INDIAN TEXTILE AND APPAREL INDUSTRY

Indias textile and apparel industry stands as one of the cornerstones of the national economy, with deep-rooted signi cance across economic, social, and trade dimensions. The sector contributes approximately 2.3% to Indias Gross Domestic Product (GDP), underlining its importance as a key driver of economic activity. It accounts for 13% of the countrys total industrial production, making it one of the most prominent contributors to Indias manufacturing output.

Indias textile and apparel market was valued at USD 222.1 billion in 2024 and is forecasted to reach USD 647.0 billion by 2033, growing at a CAGR of 12%. This robust growth is fueled by rising demand for premium apparel, smart textiles, and sustainable materials, complemented by strategic government initiatives aimed at supporting both weavers and manufacturers.

A leading contributor to the national economy, with deep-rooted signi cance across economic, social, and trade dimensions, the sector contributes approximately 2.3% to Indias Gross Domestic Product (GDP). It accounts for 13% of the countrys total industrial production, making it one of the most prominent contributors to Indias manufacturing output.

The sector is also a major employment generator, providing livelihoods to nearly 21% of Indias workforce, spanning direct employment in manufacturing and indirect roles in related areas such as farming, logistics, design, and retail. It supports a vast ecosystem that includes cotton farmers, handloom weavers, garment workers, and MSMEs.

OPPORTUNITY

(I) The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand and declining imports

(ii) Urbanization is expected to support higher growth due to changes in fashion & trends. (iii) Migration to organised retail market and e-commerce (un-branded to branded) (iv) Upscaling of consumer preferences towards quality & aspirational products

(v) Rapid growth of value fashion market with legacy business houses expanding with stores across all segments (including tier 2 and tier 3 markets)

Elsewhere in the Asia-Paci c region, performance was mixed. Economies such as India, Vietnam, and Indonesia experienced robust growth, buoyed by domestic consumption and infrastructure development. In contrast, more trade-reliant economies faced pressures from commodity price uctuations and weaker global demand.

Looking ahead, the global economy is projected to grow at a steady yet modest pace of 2.8% to 3.3% in 2025, marginally below the pre-pandemic average of 3.2%. The U.S. is expected to remain a central growth driver, although in ationary risks stemming from trade policy and tariffs could weigh on sentiment. The Eurozone is forecast to continue its gradual recovery, aided by ECB rate cuts but exposed to external shocks.

Chinas growth is likely to moderate, constrained by structural imbalances and global trade frictions, despite continued stimulus measures. Emerging markets will remain pivotal contributors to global economic momentum, although they face signi cant downside risks, including escalating trade barriers, geopolitical ashpoints, and climate-related disruptions.

Global in ation is expected to ease to 3.4 4.2%, but persistent cost pressures in services and the potential resurgence of trade disputes could delay broader monetary easing. In this environment, policymakers will be required to balance scal prudence with growth-oriented reforms, as the global economy continues to navigate an era of elevated uncertainty and transformation.

India Economic Review

Sustained Growth Anchored in Domestic Strength and Economic Precision

Indias economy demonstrated robust resilience in FY 2024 25, registering a real GDP growth of 6.5%, reinforcing its position as the fastest-growing major economy in the world. This momentum keeps India rmly on the path to becoming the worlds fourth-largest economy, powered by resilient domestic demand, policy stability, and inclusive development.

The strength of this growth re ects the precision of Indias macroeconomic framework characterized by sound scal discipline, robust rural sentiment, and growing consumer con dence. Private nal consumption expenditure remained the cornerstone of growth, supported by increased household spending and strong agricultural performance.

Despite a challenging global environment, Indias core sectors displayed stability. Agriculture remained steady, with record Kharif output; services continued as the key growth engine, and manufacturing, though facing global headwinds, showed a measured rebound. The Index of Industrial Production (IIP) rose by 4.0% in FY 2024 25, re ecting sustained domestic production, albeit slower than the previous year.

Indias CPI-based in ation eased to 3.34% in March 2025, the lowest in over ve years, primarily driven by easing food prices. Food in ation fell to 2.69%, supported by a positive monsoon outlook. With in ationary pressures receding, the Reserve Bank of India (RBI) adopted an accommodative stance cutting the repo rate by 1 00 basis points to 5.5% signalling monetary pace to stimulate investment and liquidity. RBI projects average in ation to moderate to 3.7% in FY 2025 26, down from an estimated 4.6% in FY 2024 25.

Indias external sector faced challenges from global trade uncertainty, tariff risks, and geopolitical volatility. Merchandise exports were muted, yet services exports remained strong offering a cushion. The Indian rupee saw volatility but bene ted modestly from a weaker U.S. dollar.

Looking ahead, India is projected to grow between 6.3% and 6.8% in FY 2025 26, with strong tailwinds from infrastructure expansion, digitalisation, and favourable monsoons. These are expected to support rural demand and stabilise in ation, ensuring broader economic balance.

Indias performance outlook is underpinned by structural domestic strengths: Strong consumption patterns Targeted public investment

While global uncertainties such as trade frictions and geopolitical risks may persist, Indias resilient economic architecture, strategic policy clarity, and demographic dividend position it to deliver sustained growth. The emphasis on precision-driven policymaking, pace in execution, and performance-led outcomes will remain central to Indias economic trajectory in the coming years.

INDIAN APPAREL MARKET

Global Textile and Apparel Industry

The global textile and apparel market is projected to reach USD 2,903 billion by 2025 and grow to USD 3,901 billion by 2032, registering a CAGR of 4.3% during this period. This growth is driven by rising population, increasing disposable incomes, and shifting consumer preferences. As economies develop and lifestyles evolve, demand is surging across key segments including apparel, home furnishings, and technical textiles. The rapid rise of fast fashion and the widespread adoption of e-commerce have further fueled demand for a wide variety of fabric types. In response, manufacturers are focusing on innovation, agility, and faster time-to-market to stay competitive and meet changing consumer expectations across product categories.

INDIAN TEXTILE AND APPAREL INDUSTRY

Indias textile and apparel industry stands as one of the cornerstones of the national economy, with deep-rooted signi cance across economic, social, and trade dimensions. The sector contributes approximately 2.3% to Indias Gross Domestic Product (GDP), underlining its importance as a key driver of economic activity. It accounts for 13% of the countrys total industrial production, making it one of the most prominent contributors to Indias manufacturing output.

Indias textile and apparel market was valued at USD 222.1 billion in 2024 and is forecasted to reach USD 647.0 billion by 2033, growing at a CAGR of 12%. This robust growth is fueled by rising demand for premium apparel, smart textiles, and sustainable materials, complemented by strategic government initiatives aimed at supporting both weavers and manufacturers.

A leading contributor to the national economy, with deep-rooted signi cance across economic, social, and trade dimensions, the sector contributes approximately 2.3% to Indias Gross Domestic Product (GDP). It accounts for 13% of the countrys total industrial production, making it one of the most prominent contributors to Indias manufacturing output.

The sector is also a major employment generator, providing livelihoods to nearly 21% of Indias workforce, spanning direct employment in manufacturing and indirect roles in related areas such as farming, logistics, design, and retail. It supports a vast ecosystem that includes cotton farmers, handloom weavers, garment workers, and MSMEs.

OPPORTUNITY

(I) The Indian textile industry is set for strong growth, buoyed by both strong domestic consumption as well as export demand and declining imports

(ii) Urbanization is expected to support higher growth due to changes in fashion & trends. (iii) Migration to organised retail market and e-commerce (un-branded to branded) (iv) Upscaling of consumer preferences towards quality & aspirational products

(v) Rapid growth of value fashion market with legacy business houses expanding with stores across all segments (including tier 2 and tier 3 markets)

THREATS

(I) 100 percent FDI (automatic route) is allowed in the Indian textile sector

(ii) Increased Competition from Local & Big Players.

(iii) Our operations are in an unorganized sector, which is prone to changes in government policies.

SEGMENT REVIEW

During FY 2024-25, your Companys total sales registered a percentage increase of 51.63 %. Net Revenue being 34,945.31 Lacs in FY 2025 as against 23046.34 Lacs in FY 2024. Return on net worth of the Company in FY 2025 is 10.56% as against 12.00% in FY 2025.

Table 1: Financial Performance & Analysis

Particulars	2024-25	2023-24	Change	%
Total Income	34,945.31	23046.34	11,898.97	51.63
Total Expenditure	31,989.44	21,112.58	10,876.86	51.52
Earning Before Finance Cost, Depreciation &	2,955.87	1,933.76	1,022.11	52.86
Amortization and Tax (EBIDTA)
Less: Finance Cost	533.43	387.8	145.63	37.55
Less: Depreciation & Amortization expenses	293.52	188.57	104.95	55.66
Pro t Before Tax and Exceptional Items	2,128.92	1,357.39	771.53	56.84
Less: Tax Expenses	549.39	339.17	210.22	61.98
Pro t after Tax	1,579.53	1,018.22	561.31	55.13
Comprehensive Income	5.01	2.33	2.68	115.02
Total Comprehensive Income for the	1,584.54	1,020.55	563.99	55.26
period after Tax

Table 2: Key Financial Ratios

S.No Particulars	2024-25	2023-24
1 Debtors Turnover Ratio	8.19	6.19
2 Inventory Turnover Ratio	2.90	2.04
3 Interest Coverage Ratio	5.26	4.67
4 Current Ratio	3.35	1.91
5 Debt Equity Ratio	0.12	0.5
6 Debt Service Coverage Ratio	5.54	3.23
7 Gross Pro t Ratio	15.29%	15.34%
8 Operating Pro t Ratio	7.64%	7.58%
9 Return on Net-Worth	10.56%	12.00%
10 Operating Cost Ratio	92.36%	92.42%
11 Pro t before tax to Sales	6.11%	5.90%
12 Net Pro t Ratio	4.53%	4.43%
13 EBIT	7.64%	7.58%
14 EBIDTA	8.48%	8.40%

Debtors Turnover Ratio increased from 6.19 in the nancial year 2023-24 to 8.19 in the nancial year 2024-25 due to increase in revenue from operations.

Inventory Turnover Ratio increased from 2.04 in the nancial year 2023-24 to 2.90 in the nancial year 2024-25 due to increase in revenue and consequential increase in pro ts,

Current Ratio increased from 1.91 in the nancial year 2023-24 to 3.35 in the nancial year 2024-25 due to decrease in short term Borrowings & increase in Bank and Trade Receivables

Debt Equity Ratio decreased from 0.50 in the nancial year 2023-24 to 0.12 in the nancial year 2024-25 due to proportionate change in Borrowings and equity

Debt Service Coverage Ratio increased from 3.23 in the nancial year 2023-24 to 5.54 in the nancial year 2024-25 due to increase in pro ts & decrease in the long-term debts

Table 3: Working Capital

Particulars	2024-25	2023-24
Inventories	126.07	178.87
Receivables	45.97	58.99
Payables	32.75	50.19
Working Capital	123.72	107.90

Table 4: Cash & Debt Position

In Lacs	2024-25	2023-24
Debt	1842.5	4201.92
Cash and Cash Equivalents	14.19	13.25
Net Cash	3.91	4.43

Table 5: ROIC and Return on Net Worth

Ratios	2024-25	2023-24
ROIC	10.56%	12.00%
Return on Net Worth	10.56%	12.00%

OUTLOOK

The outlook for the Indian textile industry continues to be positive. The factors which contribute to the India advantage are expected to continue over the medium term. This is expected to help India enhance its market share further in the other key geographies.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The Company has designed and implemented robust internal control systems in line with the nature, size, geographical spread and complexities of business operations. Internal control policies and procedures are designed to provide reasonable assurance towards the effectiveness and ef ciency of its operations, reliability of nancial reporting, compliance with applicable laws and regulations, prevention and detection of frauds & errors and Safeguarding of its assets.

The Company has a strong governance structure with related authorities and responsibilities assigned to the

Committees of the Board, function heads and various process owners. The established policy framework is reviewed periodically to keep them contemporary and relevant to the changing business environment.

Detailed procedures, SOPs, work instructions and controls are well documented, digitized and embedded in business processes to ensure the mitigation of risks in operations, reporting and compliance. Such internal controls are regularly tested for adequacy of design and operating effectiveness. Compliance with policies and procedures is an integral part of the management review process. The Companys ERP, system infrastructure and checks are integral parts of the internal control system. The company has been leveraging data analytics, predictive and visualization tools to identify data exceptions and trends for minimizing errors and avenues to improve the processes. The Company has a strong compliance management system to monitor the compliance status online and to update compliance requirements with the latest changes in statutes and business operations. The Company has laid out a process for business plan approval and periodic a review including review of business performance, capital and revenue expenditure and new business investments.

Regular communication and awareness towards the Code of Conduct, whistle-blower process and various policies and procedures are done to ensure common understanding on these leveraging e-modules. The Company has strong Internal Audit governance to assure the adequacy and effectiveness of internal controls. The risk-based internal audit plan covering key business processes and establishments is approved by the Audit Committee. This Committee periodically reviews the adequacy and effectiveness of the Companys internal nancial controls and the implementation of audit recommendations.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED

HUMAN RESOURCES

We remain steadfast in our mission to attract and retain top talent, promote a culture of continuous learning and development, encourage high performance, maintain positive industrial relations, and ensure a safe and inclusive workplace. Our employees are our most valuable assets, and we are proud to showcase our human resource initiatives in this new chapter of our Companys history.

Focused on Learning and Development We understand the importance of investing in employees growth and development to ensure their success. We have implemented several initiatives to promote a culture of continuous learning. We have expanded our training programmes, including leadership development, technical training, and cross-functional collaboration. Our mentoring programme has helped our employees build relationships and receive valuable guidance from experienced leaders. We also encourage our employees to pursue external certi cations and educational opportunities to enhance their skills and knowledge.

Promoting high performance and excellence in all aspects of our business is essential during the integration process. We are committed to aligning our goals and objectives with those of the Company to ensure a seamless integration process. Our performance management system is designed to provide regular feedback, goal setting, and performance evaluation, enabling our employees to develop and achieve their full potential in the new organisation. We are also leveraging digital tools to facilitate performance management, such as online goal setting and progress tracking. We have also implemented a rewards and recognition programme to acknowledge outstanding performance and incentivise our employees to continue striving for excellence. By recognising and rewarding high performers, we foster engagement and create a culture of excellence.

INDUSTRIAL RELATIONS

Industrial Relations remained cordial throughout the year across all our manufacturing units and facilities and the Board records its appreciation for the contribution of all employees towards the growth of the company without which the achievements made, would not have been possible. As of March 31 2025, the Company has 1252 employees on roll.

RISKS AND CONCERNS

The broader trends in the economy are expected to have a direct impact on your Companys growth prospects as well.

In ation is expected to remain elevated for the foreseeable future, driven by war-induced commodity price increases and broadening price pressures. In addition, the anticipated increase in interest rates by Central Banks in the coming year are also expected to lower growth and exert pressure on economies particularly those in emerging markets.

In these circumstances, the ability to successfully navigate cost pressures would have a signi cant bearing on the overall performance of your Company. Diminishing purchasing power and demand due to economic circumstances could result in fundamental shifts in consumer behaviours and adversely impact the market for textiles and apparel. Migration to value for- money options could also lead to reduced growth and pro tability for your Company.

A detailed Risk Management Framework as well as their mitigation is given in Directors Report at Page 30 (Point no. 27) of this Annual Report.

DISCLOSURE OF ACCOUNTING TREATMENT IN THE PREPARATION OF THE FINANCIAL STATEMENT,

The Company has followed the Indian Accounting Standards referred to in section 133 of the Companies Act, 2013. The Signi cant Accounting Policies which are consistently applied are set out in the Notes to the Financial Statements.

MARKETING STRATEGIES-

Further widening of our customer base

With the growing opportunities available in the market, we will endeavor to continue to grow our business by adding new customers in existing and new geographies, new market segments. We are looking towards expanding our customer base in Middle East countries. We are also making efforts and diagnosing the domestic markets for our own brands product. With the widening of the customer base for our Brand product, we can leverage the production capacity and the experience of our production team. We aim to do this by effectively leveraging our marketing skills and relationships and focusing on total customer orientation.

Reduction of operational costs and achieving ef ciency

Apart from expanding business and revenues, we have to look for areas to reduce costs and achieve ef ciencies in order to remain a cost-competitive company. We try to reduce the wastages and control the production on the production oor through effective supervision. Our focus has been to reduce operational costs to gain a competitive edge.

To build up a professional organization

We believe in transparency, commitment and coordination in our work, with our suppliers, customers, government authorities, banks, nancial institutions etc. We have a blend of experience and suf cient staff for taking care of our day-to-day operations. We also consult with external agencies on a case-to-case basis on the technical and nancial aspects of our business. We wish to make it sounder and stronger in times to come.

Focus on a cordial relationship with our Suppliers, Customer and employees

We believe that developing and maintaining long-term sustainable relationships with our suppliers, customers and employees will help us in achieving the organizational goals, increasing sales and entering into new markets.

Optimal Utilization of Resources: -

Our Company constantly endeavors to improve our production process, skill up-gradation of workers, modernization of machinery to optimize the utilization of resources. We analyze our existing raw material procurement policy and manufacturing processes to identify the areas of bottlenecks and take corrective measures wherever possible. This helps us in improving ef ciency and putting resources to optimal use.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include raw material availability and its prices, cyclical demand and pricing in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factors.

For and on behalf of the Bella Casa Fashion & Retail Limited
sd/-	sd/-
Harish Kumar Gupta	Pawan Kumar Gupta
Chairman & Whole Time Director	Managing Director
DIN: 01323944	DIN: 01543446
Date: Thursday, August 07, 2025
Place: Jaipur